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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.535

+2.8%

Jan 8 3:58 PM EST

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To: Steve Fancy who wrote (9024)	10/15/1998 11:56:00 PM
From: Steve Fancy	of 22640

Brazil Will Announce Fiscal Measures Only After Oct 20 Dow Jones Newswires BRASILIA -- The fiscal austerity program now being worked out by the government's economic team will be announced only after Oct. 20, presidential spokesman Sergio Amaral said Thursday. Over the past few days government officials - including Planning and Budget Minister Paulo Paiva - had indicated the measures were to be announced next Tuesday and presented to Congress on Oct 26. Last Tuesday Amaral said the fiscal adjustment plan will "possibly be announced by Finance Minister Pedro Malan, around Oct. 20". Amaral told reporters at his daily press briefing Thursday that the three-year fiscal program will be handed to President Fernando Henrique Cardoso by his economic advisors next Tuesday and be made public "at a later date". "The president will then need time to study and evaluate the plan before sending it to Congress," Amaral said. The spokesman added that no date has been set for the public announcement of the measures, nor for its presentation to Congress for approval. Cardoso said in a televised address last week that his economic advisory team will present a multi-year fiscal plan for his review by Oct. 20. The fiscal clampdown is a requirement to receive eventual funding from the International Monetary Fund (IMF) and other international lenders following the collapse of investor confidence in Brazil and investors fleeing the country after Russia's debt default in August. -By William Vanvolsem; (5561) 244 3095; wvanvolsem@ap.org Retu

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